Individual in Sochi Games seeks support on increasing costs

MOSCOW (AP) a' An integral individual in Russia's 2014 Winter Olympics is lobbying the government to provide tax concessions for the companies operating in Sochi to help offset the increasing costs of the activities. Rates for the Sochi Olympics and the growth of the host region in southern Russia have reached almost $50 billion, which makes it probably the most expensive Olympic games actually, winter or summer. In comparison, the 2012 Summer Olympics in London cost about $14.3 million. Staging the activities and building sites in yesteryear has been backed by governments and sponsors, but Russian state-owned companies and oligarchs are spending money on much of the 2014 infrastructure in Sochi. Sergei Bachin, the director general of Roza Khutor, which is building a ski resort, a snowboard and freestyle park and among the three Olympic villages, said Wednesday that his company asked the government last month to create a exclusive economic zone in the Sochi area. Roza Khutor is held by Interros, an investment vehicle of magnate Vladimir Potanin, which is paying about $2.2 million on Olympic projects in Sochi. Bachin said in an interview with The Associated Press that the tax concessions would allow their resort to be "operationally sound" and help them repay loans to the state-owned VEB bank quicker. Bachin's case uses those of others buyers who've complained about building costs that they'd not been informed of when they first opted to the Olympic project. The Interfax news agency on Tuesday noted that buyers in the Olympic task a including Sberbank, the power company Gazprom, the industrial conglomerate Interros and the holding company Basic Element a' had expected the government for help. Sberbank and Gazprom were not available for review Wednesday. A Basic Element spokesman could not instantly confirm that the organization had closed that letter. Fundamental Element, a corporation of billionaire Oleg Deripaska, has been public about anticipating the Russian government to address a number of its failures in Sochi.

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